Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The national air carrier Czech Airlines (ČSA) has announced a mass redundancy due to insolvency which will affect all its 430 employees during 2021. The airline has been hit by the effects of the COVID-19 pandemic. The Smartwings aviation group, to which the Czech Airlines belong, asked the state for financial assistance in the amount of CZK 1.1 billion (€42 million) for Czech Airlines at the beginning of February 2021. According to the Minister of Industry and Trade, the state is not planning to help.
Last year, Czech Airlines recorded a loss of about CZK 1.5 billion (€57.4 million).Â
Eurofound (2021), Czech Airlines (ÄŒSA), Bankruptcy in Czechia, factsheet number 103633, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103633.